Biosurgery Market is Expected to Reach $12.7 Billion, Globally, by 2022
Biosurgery Market report, published by Allied Market Research, forecasts that the global market is expected to garner $12,758.1 million by 2022, registering a CAGR of 8.1% during the period 2014 – 2022. Hemostatic and surgical sealing agents segment collectively held about half of the market share in 2015, which is expected to flourish over the forecast period. The neuro and spine surgery application segment is likely to lead the biosurgery market throughout the study period.
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The biosurgery market is projected to grow at a substantial rate owing to rise in sport & spine-related injuries, per capita healthcare expenditure, rise in the number of surgeries due to increase in obese population along with lifestyle disorders and others. Also, availability of multi-functional products would provide a lucrative market opportunity; for instance, apart from fibrins use as surgical sealants, it is also used as hemostatic agents to prevent excessive blood loss during cardiothoracic and orthopedic surgeries. However, factors that would hamper the market growth are high cost associated with surgeries, stern regulatory environment for product approval, and growing popularity of minimally invasive surgeries.
The bone graft substitutes segment contributed to one-third share in the overall biosurgery market in 2015. This segment covers products such as cell-based matrices, bone morphogenetic proteins, demineralized bone matrix, and synthetic graft extenders. However, surgical sealant agents segment is expected to grow at the highest growth rate during the forecast period because of the availability of multifunctional products. The neuro- and spine surgery application segment is projected to dominate the market due to high penetration of bone graft substitute products usage in the surgeries. Also, current biologics products are more popular compared to synthetic biosurgical products, and this trend is expected to continue during the analysis period.
Key findings of Biosurgery Market:
- Surgical sealants are projected to be the fastest growing segment in the biosurgery market with a CAGR of 10.7% from 2015 to 2022.
- Hemostatic agents segment is expected to overtake the bone graft substitute segment, and reach $4.3 billion by 2022.
- Neuro- and spine surgery application segment is projected to dominate this market throughout the forecast period.
- Biologic biosurgical products segment would continue to lead the biosurgery market with about three fourth of the market share in 2015.
- Asia-Pacific is projected to be the fastest growing biosurgery market with a CAGR of 10.7% from 2015 to 2022.
The key companies profiled in this report are Medtronic PLC, Baxter International Inc., C. R. Bard Inc., Johnson and Johnson, Stryker Corporation, Sanofi S.A., Atrium Medical Corporation (Maquet Getinge Group), Hemostasis LLC, CryoLife Inc., and Kuros Bioscience.
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